Charitable Remainder Trusts

Friday, November 12, 2010

Press Coverage of Estate Planning this Week (November 12, 2010)

Teresa McUsic writes in the Star-Telegram (Dallas) about how the holidays are an opportune time to discuss finances with elderly parents, many of whom appreciate assistance with finances from people they know and trust. Questions to consider include: who is the parent’s advisor, where are their assets invested, and is the advisor willing to have the client’s children take part in financial discussions and decision-making? McUsic lists other questions that you may want to address. See Holiday Can Be An Ideal Time To Talk to Your Parents About Their Finances (Nov. 11, 2010).

Asher Rubinstein of Forbes reviews estate planning strategies to consider before the end of 2010. His list includes considering a dynasty trust or a Charitable Remainder Trusts (CRT), and making gifts while gift tax rates are historically low. See Estate Planning Moves To Consider Before 2010 is Done (Nov. 10, 2010).

Paul Sullivan of the New York Times reviews the basics of special needs trusts, which are designed to protect the inheritance of a disabled person who is receiving, or expected to receive, government assistance for basic living expenses. One primary challenge, Sullivan states, is administering them correctly, because money cannot go directly to the disabled person, and cannot be spent on certain living expenses. See Exploring Trusts For The Disabled (Nov. 5, 2010).

Friday, October 09, 2009

Press Coverage of Estate Planning This Week (October 9, 2009)

John Wyckoff writes in the Daily Journal of Commerce (Portland, Ore.) about how to keep passwords to online financial accounts secure, yet available to your survivors after your death. This is particularly important if you have chosen to receive online statements only, rather than paper copies of statements in the mail. See Don’t Keep Passwords Completely Secret (Oct. 6, 2009).

Suzie Moraco writes in NewsChief.com (Winter Haven, Fla.) on how to raise the issue of estate planning with your parents, with tips on how to initiate the discussion and an overview of the principal estate planning documents. See Estate Planning Can Be a Vital Dialogue (Oct. 5, 2009).

Jason Zweig of the Wall Street Journal suggests that low interest rates provide a good time to transfer wealth to your children. One way to do this is acting as a bank if your children are a good credit risk. Other techniques include self-cancelling installment notes (SCIN), grantor retained annuity trusts (GRAT), and intentionally defective grantor trusts (IDGT). See Transferring Wealth Via the Bank of Mom & Dad (Oct. 3, 2009).

Justin Satchit writes in the American Chronicle regarding charitable remainder trusts (CRT). He notes that three important developments occurred in late 2008 that impact CRTs generally, and provides an overview of CRT benefits. See Charitable Remainder Trust Update (Oct. 9, 2009).

Friday, June 19, 2009

Press Coverage of Estate Planning This Week (June 19, 2009)

Max Alexander of Dow Jones Newswires writes how priorities and a plan are needed when inheriting money.  Too often, short-sighted decisions lead to big financial problems.  See Inheritance Isn't Always an Easy Street (June 17, 2009).

Dennis Fordham, Esq., writes in Lake County News (Calif.) about how a charitable remainder trust works and some of the advantages, including tax savings on the sale of appreciated assets and better management of income to spread and possibly lower the donor's income taxes.  See Estate Planning: Charitable Remainder Trusts (June 15, 2009).

Victoria E. Knight of Dow Jones Newswires notes that there appear to be increasing cases of children turning to their parents for financial help, and sometimes crossing the line.  In some cases, children are making a grab for assets from frail parents, coercing parents to lend, or borrowing but never paying back the money, with no paper trail.  See Elderly's Assets Can Prove Too Tempting (June 16, 2009).

Daniel O. Tully, Esq., writes in the Bristol Press (Conn.) about reorganizing your estate plan to simplify things where possible, review life insurance policies, and refocus on your estate planning priorities.  See Senior Signals: On Estate Planning (June 14, 2009).